Today the highly anticipated US CPI print for the month of April will be released. A host of Fed speakers were paraded in front of the media yesterday in an attempt to ease the market’s fears for today’s highly anticipated data print, so it could be a blockbuster. A CPI print above 3.6% could see the dollar inch back towards the 61.8% Fibo level of 90.816. A close below 90.105 will however allow the dented dollar to fall into the range between 89.200 and 89.660.
Technically there is bullish divergence on the RSI which could see it work its way back to 90.816, so let's wait for that CPI print.